Overnight Update: US stocks reversed earlier losses and rose as upbeat earnings and deal news outweighed weaker than expected retail sales

Overnight Update: US stocks reversed earlier losses and rose as upbeat earnings and deal news outweighed weaker than expected retail sales. Treasury prices rallied ahead of an auction of long term bonds, as global markets settled into a risk off trading pattern. The dollar lost ground against most of major rivals after readings on retail sales and employment came in weaker than expected. Gold futures remained under pressure, but trimmed losses. Oil futures struggled to keep a grip on $100 a barrel. The UK's FTSE 100 index dropped for the first time in seven days, as some of the benchmark's major companies, including Lloyds Banking, Rolls Royce and Rio Tinto, declined after reporting earnings. European stock markets moved lower, breaking the longest winning streak of the year. London: BHP up 0.46% Rio down 0.36%. New York: BHP down 0.06%. Rio up 0.01%. Base metal prices traded lower across the complex.